Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following table presents components of income tax expense for the three months ended March 31, 2023 and 2022:

	Three months ended March 31,
(in thousands, except percentages)	2023		2022
Income tax based on income from continuing operations (1)	$	11,058	$	10,942
Provision for change in estimated tax rate	—		—
Income tax before discrete items	11,058		10,942
Discrete tax expense:
Exercise of U.S. stock options	—		(9)
Impact of amended tax returns	—		(81)
True-up of prior year estimated taxes	(545)		104
Enacted tax legislation and rate change	313		—
Provision for/resolution of tax audits and contingencies, net	28		6
Impact of long range tax planning	(443)		—
Other	210		36
Total income tax expense/(benefit)	$	10,621	$	10,998
(1) Calculated at estimated annual tax rates of 29.3% and 28.0%, respectively.

Income tax expense for the quarter was computed in accordance with ASC 740-270, Income Taxes – Interim Reporting. Under this method, loss jurisdictions, which cannot recognize a tax benefit with regard to their generated losses, are excluded from the annual effective tax rate calculation and their taxes will be recorded discretely in each quarter.